Today’s BTC/USD Signals

Long Trades

Long entry at a bullish price action reversal on the H1 time frame following the next touch of $3,646 or $3,552.

Put the stop loss 1 pip below the local swing low.

Move the stop loss to break even once the trade is $50 in profit by price.

Remove 50% of the position as profit when the trade is $50 in profit by price and leave the remainder of the position to run.

Short Trades

Short entry after a bearish price action reversal on the H1 time frame following the next touch of $3,859 or $3,969.

Put the stop loss 1 pip above the local swing high.

Move the stop loss to break even once the trade is $50 in profit by price.

Remove 50% of the position as profit when the trade is $50 in profit by price and leave the remainder of the position to run.

The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.

BTC/USD Analysis

I wrote yesterday that the price really needed to break out of the current range between the nearest resistance and support levels and stay there before it would become interesting, but in the meantime, it could be possible to take more of a risk and try to hold a rejection from one of the nearer key levels.

This was a good call as neither of the levels have been reached yet. Therefore, I would repeat today exactly the same thing that I said yesterday, but with a single change – it is possible that we are seeing new lower resistance form and hold at about $3,725 which is exactly where the price is sitting right now. However, getting bearish here looks dangerous as we have major and probably strong support close below at $3,646. This means that if the price can get established above $3,750 then I think it would be likely to move higher for some distance.There is nothing of high importance due today regarding the USD.

Adam is a Forex trader who has worked within financial markets for over 12 years, including 6 years with Merrill Lynch. He is certified in Fund Management and Investment Management by the U.K. Chartered Institute for Securities & Investment. Learn more from Adam in his free lessons at FX Academy.

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Risk Disclaimer: DailyForex will not be held liable for any loss or damage resulting from reliance on the information contained within this website including market news, analysis, trading signals and Forex broker reviews. The data contained in this website is not necessarily real-time nor accurate, and analyses are the opinions of the author and do not represent the recommendations of DailyForex or its employees. Currency trading on margin involves high risk, and is not suitable for all investors. As a leveraged product losses are able to exceed initial deposits and capital is at risk. Before deciding to trade Forex or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite. We work hard to offer you valuable information about all of the brokers that we review. In order to provide you with this free service we receive advertising fees from brokers, including some of those listed within our rankings and on this page. While we do our utmost to ensure that all our data is up-to-date, we encourage you to verify our information with the broker directly.